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Ample supply boosts sales of new homes
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The monthly volume of new home transactions rose to a six-month high in September in Shanghai amid an ample supply, latest market research showed.
The purchases of new homes, excluding government-subsidized affordable housing, jumped 56.7 percent from August to 1.42 million square meters last month, Shanghai Uwin Real Estate Information Services Co said.
“Extremely robust sales registered during the last few days of September helped push up the monthly volume to the highest since April,” said Huang Zhijian, chief analyst at Uwin. “The sales were also the highest volume for September since 2010.”
On the last seven days of September, the average daily transactions of new homes exceeded 70,000 square meters in Shanghai while for the last three days, they even surged to over 90,000 square meters per day, according to Uwin research.
The developers also gained from the strong momentum in sentiment last month as new home supply surged nearly 50 percent from August to more than 1.28 million square meters across the city. Notably, more than 580,000 square meters of new homes were released during the last seven days of September.
New homes were sold for an average of 24,611 yuan (US$4,021) per square meter in September, a 5.4 percent monthly.
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